News ID: 269236
Published: 0205 GMT May 18, 2020

CBI vows to stabilize foreign exchange market

CBI vows to stabilize foreign exchange market

The Central Bank of Iran (CBI) is taking serious steps to establish stability in the market, said its Governor Abdolnaser Hemmati in an Instagram post on Monday.

Stating that the current situation of the markets in the country is not more complicated than in August and September last year, the official said, “In those days, as the US sanctions were intensifying, the foreign exchange markets were severely disrupted and the dollar rate in the market reached very high levels,” IRNA quoted Hemmati saying.

But with the CBI management and the measures taken, despite all the problems over the past two years, the relative stability of markets was retained and the country registered a positive economic growth in the end of the previous Iranian calendar year (March 19), the chief banker said.

He also said that the current turbulence in the market is a result of the coronavirus outbreak which causes the three-month shutdown of many economic activities in the country and also the reduction of oil prices as well as the continuous pressures of the US sanctions.

“The situation is difficult, but it is improving and can be managed and stabilized,” Hemmati added.

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